Plasma announces mainnet beta with $2B stablecoin liquidity
Blockchain protocol introduces XPL token and zero-fee transfers as it targets global stablecoin adoption
Plasma and Adobe modified by Blockworks
Plasma will launch its mainnet beta and native token, XPL, on September 25, positioning itself as the eighth-largest blockchain by stablecoin liquidity from day one.
According to the project, more than $2 billion in stablecoins will be active on the network immediately, distributed across over 100 decentralized finance (DeFi) partners, including Aave, Ethena, Fluid and Euler. The rollout also enables users to withdraw USD₮0 through bridged vault deposits, marking the final stage of Plasma’s launch process.
The project’s early campaigns drew substantial liquidity commitments, including $1 billion in deposits within 30 minutes and a $373 million oversubscribed public sale via the Echo platform. Plasma later partnered with Binance Earn to distribute the first onchain USD₮ yield product, which reached its $1 billion cap and became the program’s largest campaign to date.
With mainnet beta, Plasma introduces PlasmaBFT, a consensus layer optimized for stablecoin transactions, and will allow zero-fee USD₮ transfers during its initial rollout. The protocol’s stated mission is to build infrastructure for digital dollar payments, remittances and merchant adoption at a global scale.
XPL, the network’s native token, underpins validator incentives and governance. At launch, 25 million tokens will be distributed to community participants, while 2.5 million will be reserved for the Stablecoin Collective, an educational forum turned adoption hub. US participants in the token sale will face a one-year distribution delay due to securities law considerations.
This is a developing story.
This article was generated with the assistance of AI and reviewed by editor Jeffrey Albus before publication.
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